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I think they might be, but I don't know for sure. This implies that it certainly could work that way.... https://www.gov.uk/government/publications/hmrc-as-a-preferential-creditor/hmrc-as-a-preferential-creditor

One last thought, and I'm happy to be corrected on this. Even if the lease does somehow move beyond the bondholders' grasp, Wasps are still in a horrible position: Wasps Holdings and ACL are guarantors of the £35m loan, if the bondholders can't sell the lease, they're surely going to come...

Agreed. It's starting to make the hunt the for the golden share look straightforward!

I don't want to be unfair to Simon Gilbert, but there's definitely a well written post on ADVFN wasps saying that legally the bondholders could step in and stop the lease being surrendered to the Council; this by dint of holding a first charge against it (a point I assumed was supported by...

Will the next big discovery be that they've found out the bondholders have a charge on the lease? FFS, we've been ahead of this story for months on here...

And in other news, Wasps are back in a recruitment freeze. It might just be me, but reading between the lines I think this is a slightly more downbeat (i.e. realistic) interview by the head coach. https://www.rugbypass.com/news/what-wasps-players-were-told-wednesday-about-second-court-filing/

And the regulations require a bond prospectus, that really long document that outlines the business structures, breaks down the accounts, the valuations, and the risks. The current one is clearly out of date, given all of the changes that have happened and the fact the bond redemption date...

It's an absolutely fair point. I'm thinking that whilst he might be able to sit on his hands during the admin process and say, "I don't know what you want me to do", he'll find that a lot more perilous if he says unilaterally "we'll take 50%" when by all accounts the lease and assets should...

Me either. Gutted.

As I understand it, it's controlled by the FCA and you need stuff like a draft bond prospectus that meets with their approval. Given the current bond is supposed to have redeemed in May, and all of the confusion around administration, I can't see the FCA relisting it. That's because I also...

It's probably not looking like such a good return now though. And given what's gone on and where interest rates currently are, what rate would bondholders need to be offered to extend? Double and then some, I'd venture. How could Wasps afford to pay interest at (say) 13% per annum on...

The trustee was appointed by Wasps when the bonds were issued, notionally to represent the interests of the bondholders. It's starting to look like that system is somewhat flawed, as what it really does is mean that the bondholders can't take action other than through the trustee.

Every six months, from memory, so I think mid to late November (bonds were issued in May iirc).

I'm going to guess another 10 working days at the most, then HMRC are going to get their kicking boots on and put a stop to it even if no one else does.

Just to second that, I'm sure everyone here would wish you the best, Astute, it sounds like you're really going through it. We might differ over football, (and rugby, politics, accountancy, and law for that matter!*), but we're still all fans together at the end of the day. If there's anything...

Or of course, the court, entirely of their own accord, might simply come to the conclusion that Wasps are taking the piss.

My understanding is that the court doesn't have to agree if it thinks the NOI extension process is being abused. So, for instance, HMRC could (and I suspect would) step in if they thought Wasps were just kicking the can down the road without any real possibility of resolving the problem. At...

The problem is that the bondholders don't have direct rights, everything goes through the trustee... who was originally appointed by Wasps and seems remarkably reluctant to take any action. If SISU pulled this kind of crap, the local media would be all over it. Wasps, for reasons that are...

Explain in detail which bit of the replies you've already had you don't understand or disagree with, and then maybe people will engage. Alternatively, accept that most people will just think you're a bit of a twat for endlessly repeating the same inane question. Personally speaking, I wish...

I don't think that can happen. The bondholders have a charge on the lease and have both Wasps Holdings and ACL as the guarantors if there's a shortfall. So there's no way they can get out of it that easily, imho. They've got to settle with the bondholders in some way, either by redemption...